Looking Ahead: The Future of VR in 2020

future of virtual reality

Why shouldn’t people be able to teleport wherever they want?” You know what, VR (Virtual Reality) is here. Hello, welcome to The Insider Story S1 Finale! Today, we’ll be discussing the future of VR in 2020. Virtual reality is a computer generated interactive program or experience within a framed (simulated) environment. VR has given rise to many new reality concepts like mixed reality & augmented reality. But, this is the insider story here we play with facts & stats. So, let’s get started up.

Virtual Reality Market Growth

economic impact of virtual and augmented reality

The projected economic impact of virtual and augmented reality technologies worldwide from 2016 to 2020 (in billion U.S. dollars) [Source: Statista]

As shown in the above report, three different growth scenarios for the global economic impact of AR & VR from 2016 to 2020. Three scenarios are ‘low adoption’, ‘medium adoption’, and ‘high adoption’. 2020 ranges between $5.8B to $29.5B. That’s a pretty big margin but also very promising. The Future of computer technology mainly looks at IoT, VR/MR/AR, Cloud Computing, Artificial Intelligence & Machine Learning. And, Virtual Reality is said to be the next big thing on our eyes after smartphones.

Another report from MarketAndMarkets said that virtual reality market is expected to grow from $7.9B (2018) to $44.7B (2022).  For more details head over to this link.

The Next Big Thing: Virtual Reality

virtual reality next big thing

The above survey was conducted by “Horizon Media” nearly 3000 US people participated in this survey. The results are a bit shocking.

  • 72% of consumers are interested in owning a VR device.
  • Out of that 72, 47% are ready to pay $250+ (Rs 17000+) for a VR Headset.
  • 64% of female consumers interested in owning a VR device are ready to pay $250+.
  • 65% of Male consumers interested in owning a VR device are ready to pay $250+
  • 24% Female consumers interested in owning a VR device have already tried it once or more.
  • 34% Male consumers interested in owning a VR device have already tried it once or more.
  • And, only 22% have previously tried VR headsets.
  • Still, 28% of consumers are not interested in owning a VR headset. This percentage increases exponentially when it comes to big large Asian markets.

The Survey clearly stats many people are not quite ready for the shift from smartphones to VR’s. However, this will eventually occur over a period of time. As for now, 78% of people have never used a VR device says the report.

Robert Scoble, Michael D. Gallagher, and Will Mason Predictions

future of vr

Robert Scoble (Blogger, Technical Evangelist and Author): “VR is at its beginning in 2016. We are just getting our first headsets. Watching our first movies. Trying out our first video games. It is an exciting time of discovery.

Michael D. Gallagher (President & CEO, Entertainment Software Association (ESA)): “When your technology is headed to space, and bringing space to our classrooms and living rooms, you know it’s something big.” This technology is poised to transform entertainment & other industries in a better way.

Will Mason (Co-Founder & Editor-in-Chief, UploadVR): The motion picture camera was invented years before Hollywood became the place we know it to be, that is where we are with VR. We have hardware that works and works well, and is cheap enough that it can make it into homes – now we need more compelling content to give it a reason to stay there. Content on a new medium is shaped by the medium itself, just as McLuhan said: “the medium is the message.” The killer apps and stories are coming – we just need to finish learning the language. (Source: Arkenea)

Worldwide spending says 15.6% is spent on consumer hardware followed by AR games (6.6%) and VR Games (5.1%) and others. The gaming industry will get a huge boost in these technologies. See stats below:

 

Top use case based on 2018 market share VR

Source: IDC


The Insider Story Season 2 details

That’s it for this episode and season 1 of “The Insider Story“. Hope you like it. Our PinProgram audience hugely appreciated the first 3 episodes but then content quality fell a bit. But, hopefully, we are back on track now. This was the first season so there were many timing issues & delays in publishing posts. This won’t happen in next season which will come in the month of May or June. Till then don’t go anywhere because there’s a lot happening in programming & technology world. PinProgram team is pumped up for upcoming posts. Stay tuned.

Cover Photo by Sebastian Voortman from Pexels

Rajan Bhave

A skilled and knowledgeable computer science student with extensive knowledge of programming and computer applications. Loves to create new things like websites, software and apps.

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